Intrinsic value of Panhandle Oil&Gas - PHX

Previous Close

$19.90

  Intrinsic Value

$1.75

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

-97%

Previous close

$19.90

 
Intrinsic value

$1.75

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

-97%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PHX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -31.58
  57.10
  51.89
  47.20
  42.98
  39.18
  35.76
  32.69
  29.92
  27.43
  25.18
  23.17
  21.35
  19.71
  18.24
  16.92
  15.73
  14.65
  13.69
  12.82
  12.04
  11.33
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.45
Revenue, $m
  39
  61
  93
  137
  196
  273
  370
  491
  638
  813
  1,018
  1,254
  1,521
  1,821
  2,153
  2,518
  2,914
  3,340
  3,798
  4,285
  4,800
  5,345
  5,916
  6,516
  7,142
  7,796
  8,478
  9,187
  9,925
  10,692
  11,489
Variable operating expenses, $m
 
  60
  91
  133
  191
  266
  360
  478
  621
  792
  991
  1,221
  1,482
  1,774
  2,097
  2,452
  2,838
  3,254
  3,699
  4,173
  4,676
  5,206
  5,763
  6,346
  6,957
  7,594
  8,257
  8,948
  9,667
  10,414
  11,190
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  58
  60
  91
  133
  191
  266
  360
  478
  621
  792
  991
  1,221
  1,482
  1,774
  2,097
  2,452
  2,838
  3,254
  3,699
  4,173
  4,676
  5,206
  5,763
  6,346
  6,957
  7,594
  8,257
  8,948
  9,667
  10,414
  11,190
Operating income, $m
  -19
  2
  2
  4
  5
  7
  10
  13
  17
  21
  26
  33
  40
  47
  56
  65
  76
  87
  99
  111
  125
  139
  154
  169
  186
  203
  220
  239
  258
  278
  299
EBITDA, $m
  5
  34
  52
  76
  109
  152
  206
  273
  355
  453
  567
  698
  847
  1,014
  1,199
  1,402
  1,622
  1,860
  2,115
  2,386
  2,673
  2,976
  3,294
  3,628
  3,977
  4,341
  4,720
  5,115
  5,526
  5,953
  6,397
Interest expense (income), $m
  1
  2
  3
  6
  9
  13
  19
  26
  35
  46
  59
  74
  92
  112
  134
  159
  186
  216
  247
  281
  318
  356
  397
  439
  484
  530
  579
  630
  683
  737
  795
Earnings before tax, $m
  -18
  0
  -1
  -2
  -4
  -6
  -9
  -13
  -19
  -25
  -33
  -42
  -52
  -65
  -78
  -94
  -110
  -129
  -149
  -170
  -193
  -217
  -243
  -270
  -298
  -328
  -359
  -391
  -425
  -460
  -496
Tax expense, $m
  -8
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -10
  0
  -1
  -2
  -4
  -6
  -9
  -13
  -19
  -25
  -33
  -42
  -52
  -65
  -78
  -94
  -110
  -129
  -149
  -170
  -193
  -217
  -243
  -270
  -298
  -328
  -359
  -391
  -425
  -460
  -496

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  198
  311
  472
  695
  994
  1,384
  1,879
  2,493
  3,239
  4,127
  5,166
  6,363
  7,722
  9,244
  10,930
  12,780
  14,790
  16,957
  19,278
  21,749
  24,368
  27,130
  30,033
  33,075
  36,256
  39,576
  43,035
  46,635
  50,380
  54,272
  58,318
Adjusted assets (=assets-cash), $m
  198
  311
  472
  695
  994
  1,384
  1,879
  2,493
  3,239
  4,127
  5,166
  6,363
  7,722
  9,244
  10,930
  12,780
  14,790
  16,957
  19,278
  21,749
  24,368
  27,130
  30,033
  33,075
  36,256
  39,576
  43,035
  46,635
  50,380
  54,272
  58,318
Revenue / Adjusted assets
  0.197
  0.196
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
  0.197
Average production assets, $m
  207
  325
  494
  727
  1,040
  1,447
  1,965
  2,607
  3,387
  4,315
  5,402
  6,654
  8,074
  9,666
  11,430
  13,363
  15,465
  17,731
  20,159
  22,743
  25,481
  28,369
  31,404
  34,586
  37,912
  41,383
  45,000
  48,765
  52,681
  56,751
  60,981
Working capital, $m
  2
  3
  5
  7
  10
  14
  19
  25
  33
  41
  52
  64
  78
  93
  110
  128
  149
  170
  194
  219
  245
  273
  302
  332
  364
  398
  432
  469
  506
  545
  586
Total debt, $m
  45
  92
  160
  253
  379
  542
  749
  1,007
  1,319
  1,691
  2,127
  2,628
  3,197
  3,835
  4,542
  5,317
  6,159
  7,067
  8,039
  9,075
  10,172
  11,329
  12,546
  13,820
  15,153
  16,544
  17,994
  19,502
  21,071
  22,702
  24,397
Total liabilities, $m
  83
  130
  198
  291
  417
  580
  787
  1,045
  1,357
  1,729
  2,165
  2,666
  3,235
  3,873
  4,580
  5,355
  6,197
  7,105
  8,077
  9,113
  10,210
  11,367
  12,584
  13,858
  15,191
  16,582
  18,032
  19,540
  21,109
  22,740
  24,435
Total equity, $m
  115
  181
  274
  404
  578
  804
  1,092
  1,448
  1,882
  2,398
  3,002
  3,697
  4,486
  5,371
  6,351
  7,425
  8,593
  9,852
  11,201
  12,636
  14,158
  15,762
  17,449
  19,217
  21,065
  22,993
  25,003
  27,095
  29,271
  31,532
  33,883
Total liabilities and equity, $m
  198
  311
  472
  695
  995
  1,384
  1,879
  2,493
  3,239
  4,127
  5,167
  6,363
  7,721
  9,244
  10,931
  12,780
  14,790
  16,957
  19,278
  21,749
  24,368
  27,129
  30,033
  33,075
  36,256
  39,575
  43,035
  46,635
  50,380
  54,272
  58,318
Debt-to-equity ratio
  0.391
  0.510
  0.580
  0.630
  0.660
  0.670
  0.690
  0.690
  0.700
  0.710
  0.710
  0.710
  0.710
  0.710
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
  0.720
Adjusted equity ratio
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581
  0.581

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -10
  0
  -1
  -2
  -4
  -6
  -9
  -13
  -19
  -25
  -33
  -42
  -52
  -65
  -78
  -94
  -110
  -129
  -149
  -170
  -193
  -217
  -243
  -270
  -298
  -328
  -359
  -391
  -425
  -460
  -496
Depreciation, amort., depletion, $m
  24
  33
  49
  73
  104
  145
  196
  261
  339
  432
  540
  665
  807
  967
  1,143
  1,336
  1,547
  1,773
  2,016
  2,274
  2,548
  2,837
  3,140
  3,459
  3,791
  4,138
  4,500
  4,877
  5,268
  5,675
  6,098
Funds from operations, $m
  22
  33
  49
  71
  100
  139
  187
  247
  320
  407
  508
  624
  755
  902
  1,065
  1,243
  1,436
  1,644
  1,867
  2,104
  2,355
  2,620
  2,898
  3,189
  3,493
  3,811
  4,141
  4,486
  4,844
  5,216
  5,602
Change in working capital, $m
  7
  1
  2
  2
  3
  4
  5
  6
  7
  9
  10
  12
  14
  15
  17
  19
  20
  22
  23
  25
  26
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
Cash from operations, $m
  15
  31
  47
  68
  97
  135
  182
  241
  313
  398
  497
  612
  741
  887
  1,048
  1,224
  1,416
  1,623
  1,844
  2,079
  2,329
  2,592
  2,869
  3,158
  3,461
  3,777
  4,107
  4,449
  4,806
  5,177
  5,562
Maintenance CAPEX, $m
  0
  -21
  -33
  -49
  -73
  -104
  -145
  -196
  -261
  -339
  -432
  -540
  -665
  -807
  -967
  -1,143
  -1,336
  -1,547
  -1,773
  -2,016
  -2,274
  -2,548
  -2,837
  -3,140
  -3,459
  -3,791
  -4,138
  -4,500
  -4,877
  -5,268
  -5,675
New CAPEX, $m
  -4
  -118
  -169
  -233
  -313
  -407
  -518
  -642
  -780
  -929
  -1,087
  -1,252
  -1,421
  -1,592
  -1,763
  -1,934
  -2,102
  -2,266
  -2,427
  -2,584
  -2,738
  -2,888
  -3,036
  -3,181
  -3,326
  -3,471
  -3,617
  -3,765
  -3,916
  -4,070
  -4,230
Cash from investing activities, $m
  9
  -139
  -202
  -282
  -386
  -511
  -663
  -838
  -1,041
  -1,268
  -1,519
  -1,792
  -2,086
  -2,399
  -2,730
  -3,077
  -3,438
  -3,813
  -4,200
  -4,600
  -5,012
  -5,436
  -5,873
  -6,321
  -6,785
  -7,262
  -7,755
  -8,265
  -8,793
  -9,338
  -9,905
Free cash flow, $m
  24
  -108
  -154
  -214
  -288
  -377
  -480
  -598
  -728
  -870
  -1,021
  -1,180
  -1,345
  -1,513
  -1,682
  -1,852
  -2,022
  -2,190
  -2,356
  -2,521
  -2,683
  -2,844
  -3,004
  -3,164
  -3,324
  -3,485
  -3,649
  -3,815
  -3,986
  -4,162
  -4,344
Issuance/(repayment) of debt, $m
  -21
  47
  68
  93
  125
  163
  207
  257
  313
  372
  435
  501
  569
  638
  707
  775
  842
  908
  973
  1,036
  1,097
  1,157
  1,216
  1,275
  1,333
  1,391
  1,449
  1,509
  1,569
  1,631
  1,695
Issuance/(repurchase) of shares, $m
  0
  66
  95
  132
  177
  233
  297
  370
  452
  541
  637
  737
  842
  949
  1,058
  1,168
  1,278
  1,388
  1,497
  1,606
  1,714
  1,822
  1,929
  2,037
  2,146
  2,256
  2,368
  2,483
  2,600
  2,721
  2,846
Cash from financing (excl. dividends), $m  
  -20
  113
  163
  225
  302
  396
  504
  627
  765
  913
  1,072
  1,238
  1,411
  1,587
  1,765
  1,943
  2,120
  2,296
  2,470
  2,642
  2,811
  2,979
  3,145
  3,312
  3,479
  3,647
  3,817
  3,992
  4,169
  4,352
  4,541
Total cash flow (excl. dividends), $m
  3
  5
  8
  11
  15
  19
  24
  30
  36
  43
  51
  58
  66
  74
  82
  90
  98
  106
  113
  121
  128
  135
  142
  149
  155
  162
  169
  176
  183
  190
  198
Retained Cash Flow (-), $m
  12
  -66
  -95
  -132
  -177
  -233
  -297
  -370
  -452
  -541
  -637
  -737
  -842
  -949
  -1,058
  -1,168
  -1,278
  -1,388
  -1,497
  -1,606
  -1,714
  -1,822
  -1,929
  -2,037
  -2,146
  -2,256
  -2,368
  -2,483
  -2,600
  -2,721
  -2,846
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -60
  -87
  -121
  -163
  -213
  -273
  -340
  -416
  -498
  -586
  -679
  -775
  -875
  -976
  -1,078
  -1,180
  -1,282
  -1,384
  -1,485
  -1,586
  -1,687
  -1,788
  -1,889
  -1,991
  -2,094
  -2,199
  -2,307
  -2,417
  -2,531
  -2,649
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  -57
  -76
  -98
  -122
  -146
  -169
  -190
  -206
  -218
  -224
  -224
  -219
  -208
  -193
  -175
  -155
  -134
  -114
  -94
  -76
  -60
  -46
  -34
  -25
  -18
  -12
  -8
  -6
  -4
  -2
Current shareholders' claim on cash, %
  100
  83.2
  70.3
  60.1
  52.1
  45.6
  40.3
  36.0
  32.5
  29.5
  26.9
  24.8
  23.0
  21.4
  20.0
  18.8
  17.7
  16.7
  15.9
  15.1
  14.4
  13.8
  13.2
  12.7
  12.2
  11.8
  11.4
  11.0
  10.6
  10.3
  10.0

Panhandle Oil and Gas Inc. acquires, develops, and manages oil and natural gas properties in the United States. The company produces and sells natural gas, crude oil, and natural gas liquids. Its mineral and leasehold properties are located in Arkansas, New Mexico, North Dakota, Oklahoma, and Texas. As of September 30, 2016, the company owned 255,019 net mineral acres; leased 19,532 net acres; and held working and royalty interests in 6,233 producing oil and natural gas wells, as well as 45 wells in the process of being drilled or completed. It serves pipeline and marketing companies. Panhandle Oil and Gas Inc. was founded in 1926 and is based in Oklahoma City, Oklahoma.

FINANCIAL RATIOS  of  Panhandle Oil&Gas (PHX)

Valuation Ratios
P/E Ratio -33
Price to Sales 8.5
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 22
Price to Free Cash Flow 30
Growth Rates
Sales Growth Rate -31.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -87.1%
Cap. Spend. - 3 Yr. Gr. Rate -31.7%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 39.1%
Total Debt to Equity 39.1%
Interest Coverage -17
Management Effectiveness
Return On Assets -4.3%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital -5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.2%
Return On Equity -8.3%
Return On Equity - 3 Yr. Avg. 7.4%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 61.5%
Gross Margin - 3 Yr. Avg. 69.7%
EBITDA Margin 17.9%
EBITDA Margin - 3 Yr. Avg. 52.8%
Operating Margin -48.7%
Oper. Margin - 3 Yr. Avg. -1%
Pre-Tax Margin -46.2%
Pre-Tax Margin - 3 Yr. Avg. 7.5%
Net Profit Margin -25.6%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio -30%

PHX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PHX stock intrinsic value calculation we used $39 million for the last fiscal year's total revenue generated by Panhandle Oil&Gas. The default revenue input number comes from 2016 income statement of Panhandle Oil&Gas. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PHX stock valuation model: a) initial revenue growth rate of 57.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.5%, whose default value for PHX is calculated based on our internal credit rating of Panhandle Oil&Gas, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Panhandle Oil&Gas.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PHX stock the variable cost ratio is equal to 97.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PHX stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Panhandle Oil&Gas.

Corporate tax rate of 27% is the nominal tax rate for Panhandle Oil&Gas. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PHX stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PHX are equal to 530.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Panhandle Oil&Gas operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PHX is equal to 5.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $115 million for Panhandle Oil&Gas - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 16.391 million for Panhandle Oil&Gas is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Panhandle Oil&Gas at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Panhandle Oil & Gas posts 3Q profit   [Aug-07-17 07:27PM  Associated Press]
▶ Panhandle Oil and Gas Inc. Announces New Director   [Aug-01-17 12:26PM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Jul-24-17 01:13PM  PR Newswire]
▶ Cars and Small-but-Strong Energy Stocks in Play   [May-19-17 05:20PM  TheStreet.com]
▶ Panhandle Oil & Gas posts 2Q profit   [May-05-17 05:09PM  Associated Press]
▶ CEO Invests in Panhandle Oil and Gas   [Apr-03-17 03:19PM  GuruFocus.com]
▶ Webcast-OGIS New York for Panhandle Oil & Gas, Inc.   [Mar-08-17 05:56PM  at Company Spotlight]
▶ Panhandle Oil & Gas reports 1Q loss   [05:06PM  Associated Press]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Dec-14-16 11:00AM  PR Newswire]
▶ Panhandle Oil And Gas Inc. Announces Executive Changes   [Dec-13-16 08:30AM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Oct-28-16 07:00AM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [Jul-26-16 12:40PM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Dividend Payment   [May-18-16 07:30AM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces President to Retire   [Mar-14-16 05:39PM  PR Newswire]
▶ Panhandle Oil and Gas Inc. Announces Operations Update   [Jan-04-16 03:39PM  PR Newswire]
Financial statements of PHX
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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